EA: Revenues Down; Two Platinum Releases

Electronic Arts saw first quarter net revenue (March to June) come in at $365 million (we like that number), down 16% from 2004’s $432 million. Sales were driven by Medal of Honor: European Assault (Nintendo GCN, Sony PlayStation 2, and Xbox), and Battlefield 2 (PC). Both titles have reached platinum status with over one million sold for the quarter. FIFA Street, MVP Baseball 2005 and Need for Speed Underground 2 had continued strong sales, each selling over 500 thousand copies in the quarter.

“Our teams continue to set the standard for high quality development and marketing excellence in our industry,” said Larry Probst, Chairman and Chief Executive Officer. “Battlefield 2 is an exceptional creative achievement and a ground-breaking online experience.” “We are taking our portfolio to new and exciting platforms,” said Warren Jenson, Chief Financial and Administrative Officer. “EA was number one on the PSP in June and this quarter we expect to launch six games for mobile phones.”

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Highlights for the quarter ending June 30, 2005 included platinum status for Battlefield 2 in just under two weeks. EA has seen 26% revenue share for the PSP in North America since launch, despite only having 6 PSP games on the market (out of over 30 PSP games released).

Other major news included the signing of a 12 year extension with John Madden. According to reports on ESPN’s website, however, Madden is being replaced on Monday Night Football by former Notre Dame quarterback, runner-up for the 1970 Heisman Trophy, and Super Bowl winner Joe Theismann.

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